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3.2 Econ Formative
You MUST score 7/9 to pass this quiz. Retake as many times as needed. Use your notes!
Learning Target 3.2: I can explain how the government attempts to remedy market failures.
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Hour 1
Hour 2
Hour 3
Hour 4
Hour 5
1. The Federal Government (Congress) can intervene in the economy through powers granted by:
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1 point
the Supreme Court.
Presidential authority.
2/3 majority of popular vote.
the Constitution.
2. Regulating the ability for firms to merge into larger corporations is the government’s attempt to:
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1 point
Maintain competition
Protect consumers, savers, and investors
Protect workers
Protect property rights
3. The reason the government protects private property rights is to:
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1 point
create incentives that promote economic progress.
monitor and decide what to do with scarce resources.
control the flow of money in the economy.
develop public goods that benefit the economy as a whole.
4. Eminent domain allows the government to:
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1 point
Take private property for public use
Give producers incentives to research and develop new products
Protect private property rights and enforce contracts
Limit the free rider problem in the market
5. When regulating economic activity, the government attempts to:
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1 point
make decisions that benefit businesses over consumers.
make decisions that benefit consumers over businesses.
limit negative externalities and support positive ones.
implement command-based rather than market-based policies.
6. Why would the government develop antipoverty programs that redistribute or support incomes for individuals and families?
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1 point
To eventually limit the amount of public goods that are provided.
To promote economic stability and well-being.
To bypass the need for more expensive programs like health care.
To promote privatized companies instead of providing public goods.
7. This good or service would be difficult to make consumers pay individually. Non-paying consumers cannot be excluded from enjoying it’s benefits.
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1 point
externality
public good
private good
market failure
8. Producing or consuming goods may have economic side effects that generate benefits or costs to someone other than the producer or consumer:
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1 point
private good
free rider problem
public good
externalities
9. A city’s display of 4th of July Fireworks is typically a public good because its use is:
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1 point
Excludable and non-rival
Excludable and rival
Non-excludable and non-rival
Non-excludable and rival
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